The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who...
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The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan $ 96,000 830,000 47,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $ 56,000 57,000 410,000 230,000 220,000 $973,000 Total assets $973,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $100,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Cash Other Assets Accounts Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan & Capital Beginning balances Sold assets Max loss on remaining noncash assets Paid liabilities Safe payments
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